ISLAMABAD: The Federal Board of Revenue (FBR) has recommended three phases for the new tax amnesty scheme for undeclared assets.
According to a tax amnesty draft prepared by the FBR , the asset declaration scheme would be launched through the promulgation of the presidential ordinance.
The FBR has recommended three phases for the amnesty scheme for the period ending June 30, September 30, and December 31, 2019. The rate of tax for undeclared assets (other than domestic real estate/undisclosed income) has been recommended at 5pc, 10pc and 20pc for first, second and third phase, respectively.
Besides this, the value of foreign assets to be declared under this ordinance shall be converted into Pak Rupees by applying the exchange rate prevalent on the date of declaration.
The amnesty scheme shall cover the real estate sector at one per cent, two per cent and four per cent for three phases at fair market value (not less than value prescribed by the FBR under Section 68 of Income Tax Ordinance, 2001), as declared by the declarant.
In addition, the undisclosed sales shall be chargeable to tax at the rate of 3pc of such sales in lieu of sales tax and federal excise duty.